AI assistant
LENDLEASE GROUP — Capital/Financing Update 2025
Oct 14, 2025
65243_rns_2025-10-14_79f15e3d-75a2-4361-88e5-6ab1fbc2b836.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [596 x 114] intentionally omitted <==
15 October 2025
Lendlease prices A$450m hybrid securities
Lendlease today announced it has successfully priced a A$450 million issue of perpetual subordinated hybrid securities to wholesale investors in the Australian dollar fixed income market, following strong investor demand.
Pricing has been set at a fixed cash distribution rate of 5.20% per annum until the first optional redemption date in October 2028, reflecting a 170bps margin above the underlying base rate. Distributions are expected to be fully franked.
The offer follows Lendlease’s recent S$400 million issue of hybrid securities. The combined net proceeds will be used to repay existing debt and for general corporate purposes.
These capital management initiatives provide enhanced financial flexibility for the Group, as it continues to execute on its corporate strategy and progresses planned capital recycling initiatives.
The A$ hybrid issue will further diversify the Group’s funding position, and help align the currency mix of the Group’s funding sources with its geographic exposures.
The hybrid securities are expected to be classified as equity for accounting purposes. The key terms of the securities are attached to this release.
ENDS
FOR FURTHER INFORMATION, PLEASE CONTACT:
Investors: Media: Michael Vercoe Tessie Vanderwert Head of Investor Relations General Manager, Corporate Affairs Mob: +61 488 245 205 Mob: +61 428 483 828 [email protected] [email protected]
Authorised for lodgement by the Lendlease Group Disclosure Committee
Lendlease Corporation Limited ABN 32 000 226 228 and Lendlease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lendlease Trust ABN 39 944 184 773 ARSN 128 052 595
Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW Australia Telephone +61 2 9236 6111 | Facsimile +61 2 9252 2192 | www.lendlease.com
| Key terms | |
|---|---|
| Issuer | •Lendlease Finance Limited |
| Guarantors | •Consistent with the Group’s existing bond issues |
| Issue size and settlement | •A$450 million•Settlement expected to occur on 23 October 2025, subject tocustomary closing conditions |
| Ranking | •Subordinated and unsecured•Equal with the recent S$ hybrid issue |
| Maturity date | •None – perpetual |
| Issuer redemption dates | •Year 3 and any distribution payment date thereafter•Other early call rights in certain limited circumstances |
| Distributions | •Fixed-to-floating rate instrument•Cash distribution rate fixed at 5.20% p.a. until year 3(expected to be fully franked), reflecting a 170bps marginabove the underlying base rate•If not redeemed on or before year 3, a 500bps step-upapplies, along with a reset of the underlying base rate•Distributions payable semi-annually in arrear until year 3,then quarterly thereafter•Distributions are deferrable at the discretion of the Issuer |
| Dividend and capitalstopper | •If any distribution is deferred or the hybrid securities have notbeen redeemed on or before year 3, the Issuer andGuarantors must not make any discretionary payments onequity or parity obligations (subject to certain exceptions) |
| Holder redemption rights | •None |
| Conversion rights | •None |
| Financial covenants | •None |
| Change of control | •Issuer redemption right (101%), or a 500bps distributionstep-up if not redeemed |
| Listing | •Unlisted |
Lendlease Corporation Limited, ABN 32 000 226 228 Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW www.lendlease.com